SPD Inc. to Expand Production and Marketing Staff.

Business Editors & High-Tech Writers

INCHON, Korea--(BUSINESS WIRE)--Oct. 4, 2001

SPD Inc. expects over the next three months to have seventeen to twenty people on its production and marketing staff at its new plant in Inchon, Korea.

SPD Inc.'s parent company, Hankuk Glass Industries Inc. (KSC:02000.KS), is Korea's largest glass manufacturer and is a licensee of Research Frontiers Incorporated (Nasdaq: REFR), the developer of SPD light-control technology.

SPD Inc. was formed earlier this year as a separate subsidiary of Hankuk Glass Industries Inc. The company is devoted exclusively to the mass production of suspended particle device (SPD) light control film and end-products, as well as to the marketing of these SPD products to a multitude of domestic and international markets.

In addition to new technical and production personnel, SPD Inc's marketing management team is being strengthened by the addition of two new staff members who will begin working for the company over the next several weeks. SPD Inc. plans to aggressively roll out both SPD film and end-products in its global marketing campaign to be launched this year with emphasis on markets in the United States, Japan, Korea and Europe.

SPD technology uses a thin flexible film to regulate the amount of light passing through normally clear glass or plastic, and benefits users of a wide variety of everyday products such as windows, mirrors, eyewear and flat panel displays. SPD Inc. will market SPD film to many companies that will use this light-controlling film in the production of SPD-Smart (electrically controlled) products. In addition, SPD Inc. will produce and market its own SPD end-products.

SPD Inc. has established a 29,500 square foot SPD factory in Inchon, Korea, and once demand for this factory's production exceeds capacity, it has plans to expand production capabilities into other similar facilities around the globe. The Inchon factory (with an annual production capacity of 4 million square feet of SPD film) is expected to be fully online in December of this year.

SPD Inc.'s personnel works with The Hanglas Research Institute which employs 50 scientists to support the research and development efforts of all subsidiaries of Hankuk Glass Industries. SPD Inc. also has strategic affiliations with Hankuk Glass Industries and its other business units including Hankuk Mirror Inc., as well as Hankuk Processed Glass Inc. which produces processed, laminated, insulated and tempered glass products for use in architectural, home appliance, and other applications.

A close working relationship also exists between SPD Inc. and Hankuk Sekurit Ltd., which is jointly owned by Hankuk Glass Industries and Saint-Gobain of France. Hankuk Sekurit supplies automotive glass for approximately 2.3 million passenger cars, buses, trucks, subway cars, trains and construction vehicles, and also produces automotive safety glass for use in the replacement market. Prior to joining SPD Inc. in April of this year, Mr. Byung Chan (B.C.) Lee was the Vice President in charge of Sales and Marketing of Hankuk Sekurit.

About SPD Inc. and Hankuk Glass Industries Inc.

SPD Inc. is a subsidiary of Hankuk Glass Industries Inc. which is the parent company of the Hanglas Group, which employs over 1,800 people and is Korea's largest flat glass manufacturer with 2000 sales of 639.1 billion Korean won (US$485 million). Additional information about Hankuk Glass Industries Inc. and their work with SPD technology can be found at http://www.hanglas.co.kr.

To learn more about SPD light-control film and end-products offered by SPD, Inc., please contact Mr. Byung Chan (B.C.) Lee, Vice President of SPD Inc., by telephone from the U.S. at 011 82 32 819 4671 or by email at [e-mail].